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In the latest example of an Indian fintech startuppursuing strategical partnershipswith traditional banking institutions , neobank Jupiter is in talks to assume a interest in SBM Bank India , three sources familiar with the matter told TechCrunch .
Jupiter , backed by Tiger Global and Nubank , is in discussions to buy a 5 % to 9.9 % stake in SBM India , the local weapon system of SBM Bank , the source enunciate .
A softwood is yet to be nail down , and it will demand favourable reception from India ’s cardinal savings bank , the Reserve Bank of India ( RBI ) , the sources added . Jupiter will finally look for to increase its stake in SBM India , the sources tote up .
The talks succeed a all-inclusive movement among Indian fintech startups and speculation capital business firm that are attempt to forge standoff with lenders in the South Asian market . Indian fintech Slicereceived RBI ’s commendation to unify with North East Small Finance Banklast class in a move that Slice said would allow it to “ serve a wider audience , include those often miss . ”
VC house Lightspeed and Sorin recently invested in Shivalik Small Finance Bank , following investment by Accel and Quona in the lender . TechCrunch previously reported that Lightspeedwas in talk to back the lender .
Premji Invest , Multiples , Zerodha , Gaja Capital and MobiKwik were among those who were evaluatingan investing in Nainital Bank , a subordinate of Bank of Baroda .
Jupiter and SBM India did n’t instantly respond to requests for scuttlebutt .
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Jupiter cooperator with Federal Bank to provide its Indian customers with modernized financial service . However , the acceptation of such neobanks in India has dawdle behind other market place , such as Brazil , where they ’ve gained traction more quickly .
